Monday, March 07, 2011

CNBC Advocates Unbridled Capitalism

By Robert ParryMarch 7, 2011

CNBC, the top U.S. business news channel, is running propaganda ads in support of unbridled capitalism, including a 1979 clip of right-wing economist Milton Friedman besting talk show host Phil Donahue in a debate over the merits of greed.

4 comments:

Anonymous
said...

"Laissez-faire capitalism has been tried for centuries and – on its own – has consistently failed to improve the lot of ordinary people. Indeed, it has proven to be a cruel and disorderly method of organizing a society, prone to boom-and-bust cycles, environmental degradation, massive swindles, scandalous industrial accidents, and a bleak existence for most workers."

This is such old and stale claptrap. It would at least behoove the author to start with learning about where "boom and bust cycles" actually come from [hint: monetary policy and easy credit. One could do worse than start with the book "Panderer to Power"].

As for the claim the "laissez-faire capitalism has been tried for centuries" I hope I can ascribe this statement to ignorance rather and malice. I couldn't find all that laissez-faire capitalism under the centuries of governement-engineered welfare-warfare and bureaucrat rapiciousness.

Uncle Milty left out a few other acomplishments: slavery, colonialism, childworkers. The asian sex workers are a good example of the need for freedom from regulation: The German Sex tourists would pay more for a "No aids blood test certificate", so the government shold butt out in favor of the invisible hand...(job).

The article does a good job of showing many things we appreicate today that are works of government. It also unwittingly highlights the mechanism by which government usually accomplishes those works--coercion and slavery. The pyramids were not built by a pharaoh, they were built at his bidding by slaves.

@Mark--this example also illustrates that slavery is inherently a government institution, not a capitalist one. This is also true of Colonialism which was only possible with government armed forces. As to child labor, it also existed prior to capitalism--on the organic, sustainable farms of the feudal system. It ended not due to regulation, but due to increased wages and productivity afforded by factories and capitalism.